Investment Adviser StepStone Said to Get Backing From Fidelity, T. Rowe Price

Investment adviser StepStone Group received backing from two major financial-services firms before a potential initial public offering as soon as next year, a report said.

People familiar with the matter told Bloomberg that funds managed by Fidelity and T Rowe Price (TROW) - Get T. Rowe Price Group Report , along with a U.S. family office, bought a total of 14.4% of StepStone.

Of that stake, the Fidelity affiliates bought 8 percentage points, Bloomberg reported.

StepStone Group, based in New York, earlier raised $115 million from 12 investors, according to an August filing cited by Bloomberg.

The firm says on its website that it customizes investment and advisory solutions for investors and manages $52 billion of assets.

Save 57% During Our Fall Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor. Click here to sign up and save!